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Test: Nature Of Contracts- 3 - CA Foundation MCQ


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30 Questions MCQ Test Business Laws for CA Foundation - Test: Nature Of Contracts- 3

Test: Nature Of Contracts- 3 for CA Foundation 2024 is part of Business Laws for CA Foundation preparation. The Test: Nature Of Contracts- 3 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Nature Of Contracts- 3 MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Nature Of Contracts- 3 below.
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Test: Nature Of Contracts- 3 - Question 1

___________ Contract is good in substance but suffers from some technical defect:

Detailed Solution for Test: Nature Of Contracts- 3 - Question 1

Unenforceable contract is good in substance but suffers from some technical defect (such as not in writing, under stamped). Such contracts can be enforced if the technical defect involved is removed.
Example: An oral agreement for arbitration is unenforceable because the law requires that an arbitration agreement must be in writing. If the oral agreement for arbitration is reduced to writing, it will become enforceable.

Test: Nature Of Contracts- 3 - Question 2

The juristic concept of contract consists of:

Detailed Solution for Test: Nature Of Contracts- 3 - Question 2

The juristic concept of contract comprises two constituent elements—'obligation' and 'agreement'. Obligation means a legal tie, which imposes upon a determinate person or persons, the necessity of doing, or abstaining from doing, a definite act or acts. 4 The sources of obligations are many.

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Test: Nature Of Contracts- 3 - Question 3

When one person signifies to another his willingness to do or to abstain from doing any thing with a view to obtaining the assent of that other person to such act or abstinence he is said to make a

Test: Nature Of Contracts- 3 - Question 4

A, by a letter dated 10th January 2008, offers to sell his house to B for Rs. 40 Lacs. The letter reaches B on 17th January 2008, who posts his acceptance on 18th January 2008 which reaches A on 30th January 2008. Here, the communication of offer is complete on:

Test: Nature Of Contracts- 3 - Question 5

An Executed Consideration is:

Test: Nature Of Contracts- 3 - Question 6

Offer to public in general is known as:

Test: Nature Of Contracts- 3 - Question 7

The essential element of a valid contract is

Test: Nature Of Contracts- 3 - Question 8

A enquires from B, "Will you purchase my cow for dollar 100?" B replies, "I shall purchase your cow for dollar 100 provided you purchase my parrot for dollar 120." In this case:

Test: Nature Of Contracts- 3 - Question 9

X makes a proposal to Y, which Y accepts. But before the acceptance came to the knowledge of X, Y revokes his acceptance by telegram :When is the revocation complete?

Test: Nature Of Contracts- 3 - Question 10

A invites B for his son wedding. B accepts the invitation. In this case there is an agreement but no contract, since

Test: Nature Of Contracts- 3 - Question 11

Pagrees to pay a certain sum to Q, if Q brings on earth a star from sky. This is a:

Detailed Solution for Test: Nature Of Contracts- 3 - Question 11

Agreements to form valid contract must be certain and possible, it should not be uncertain vague or impossible. Therefore, an agreement to do something impossible is void under section 56 of the Indian Contract Act,1872.
Hence in the above case the contract between P and Q is a void contract since P and Q agree to do an impossible Act ; i.e. P agrees to pay Q a certain sum if Q brings on earth a star from sky which is an impossible task to be performed.

Test: Nature Of Contracts- 3 - Question 12

An agreement enforceable by law is:

Test: Nature Of Contracts- 3 - Question 13

A sent a proposal for sale of goods to B through a letter. However, letter was still in transit, A sent the letter of revocation of offer to B which was received by B before the first letter reached B.

Test: Nature Of Contracts- 3 - Question 14

Is the statement true or false:"All contracts are agreements but all agreements are not contract"

Test: Nature Of Contracts- 3 - Question 15

A agrees to sell to B a horse for Rs. 25,000 if he wins race and for Rs. 15,000 if he does not. The horse wins the race. The agreement is:

Test: Nature Of Contracts- 3 - Question 16

A contract known by conduct of parties.

Detailed Solution for Test: Nature Of Contracts- 3 - Question 16

If the partiesconduct or the circumstances suggests they had an agreement or understanding that created an obligation, then the law will find that they had an implied in-fact contract. This is an implied in-fact contract.

Test: Nature Of Contracts- 3 - Question 17

The correct sequence in the formation of a contract is:

Test: Nature Of Contracts- 3 - Question 18

When counter offer is made original offer

Test: Nature Of Contracts- 3 - Question 19

A sent a proposal for sale of goods to B through a letter. However, letter was still in transit, A sent the letter of revocation of offer to B which was received by B before the first letter reached B.

Test: Nature Of Contracts- 3 - Question 20

Which of the following is false? An offer to be valid must:

Test: Nature Of Contracts- 3 - Question 21

The essential element of a valid contract is

Test: Nature Of Contracts- 3 - Question 22

Is the statement true or false:"All contracts are agreements but all agreements are not contract"

Test: Nature Of Contracts- 3 - Question 23

Implied contract even if not in writing or express words is perfectly ________ if all the conditions are satisfied:-

Test: Nature Of Contracts- 3 - Question 24

“Holiday Packages” announced as an advertisement are an example of _________:

Test: Nature Of Contracts- 3 - Question 25

In telephonic conversation, the acceptance is completed when:

Test: Nature Of Contracts- 3 - Question 26

A sells some smuggled goods at Rs. 100. The contract is void on the ground:

Test: Nature Of Contracts- 3 - Question 27

Non-fulfillment by an offeree of a condition precedent to acceptance leads to _________:

Test: Nature Of Contracts- 3 - Question 28

A Contract where the Consent of the One of the parties has been obtained by undue influences, will become _______

Test: Nature Of Contracts- 3 - Question 29

For a binding contract both the parties to the contract must:

Test: Nature Of Contracts- 3 - Question 30

An agreement enforceable by law is:

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